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HomeMy WebLinkAbout17-54 CC Resolution RESOLUTION NO. 17-54 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF TEMECULA, ACTING IN ITS CAPACITY AS THE HOUSING SUCCESSOR, DESIGNATING THE USE OF HOUSING BOND PROCEEDS, APPROVING THE EXECUTION AND DELIVERY OF A HOUSING BOND PROCEEDS FUNDING AGREEMENT AND THE TAKING OF CERTAIN RELATED ACTIONS THE CITY COUNCIL OF THE CITY OF TEMECULA DOES HEREBY RESOLVE AS FOLLOWS: Section 1. Recitals. The City Council of the City of Temecula (the "City') hereby finds, determines and declares that: (a) The former Redevelopment Agency of the City of Temecula (the "Former Agency") issued multiple series of bonds, including the following: (i) its Temecula Redevelopment Project No. 1 Tax Allocation Housing Bonds, 2010 Series A (Tax Exempt) (the "2010A Bonds"), (ii) its Temecula Redevelopment Project No. 1 Tax Allocation Housing Bonds, 2010 Series B (Taxable Build America Bonds) (the "20108 Bonds"), and (iii) its Temecula Redevelopment Project No. 1 Tax Allocation Housing ' Bonds, 2011 Series A (the "2011A Bonds," and collectively with the 2010A Bonds and the 2010B Bonds, the "Housing Bonds"). (b) The 2010A Bonds and the 2010B Bonds were issued pursuant to an Indenture of Trust, dated as of March 1, 2010 (the "2010 Indenture"), by and between the Former Agency and U.S. Bank National Association, as trustee (the "Trustee"). (c) The 2011A Bonds were issued pursuant to the 2010 Indenture, as supplemented by a First Supplemental Indenture of Trust, dated as of March 1, 2011, by and between the Former Agency and the Trustee (as so supplemented, the "Indenture"). (d) The Housing Bonds were issued to finance projects in furtherance of the Former Agency's low and moderate income housing program. (e) Pursuant to AB X1 26 (enacted in June 2011) and the California Supreme Court's decision in California Redevelopment Association, et al. v. Ana Matosantos, et al., 53 Cal. 4th 231 (2011), the Former Agency was dissolved as of February 1 , 2012, the Successor Agency to the Temecula Redevelopment Agency (the "Successor Agency") was constituted, and an oversight board of the Successor Agency (the "Oversight Board") was established. (f) Pursuant to Section 34175(b) of the California Health and Safety Code ("HSC"), all assets, properties and contracts of the Former Agency, including the unspent ' proceeds of the Housing Bonds transferred to the control of the Successor Agency by operation of law. Resos 17-54 1 (g) Within the accounts of the Housing Projects Fund (as defined in the ' Indenture), there remain certain unspent proceeds of the 2010A Bonds (the 'Remaining 2010A Bond Proceeds") and unspent proceeds of the 2010B Bonds (the 'Remaining 20108 Bond Proceeds"). (h) Within the 2011 Housing Projects Fund (as defined in the Indenture), there remain certain unspent proceeds of the 2011A Bonds (collectively with the Remaining 2010A Bond Proceeds and the Remaining 20108 Bond Proceeds, the "Remaining Housing Bond Proceeds"). (i) Pursuant to HSC Section 34176(a), the City Council adopted Resolution No. 12-11 on January 24, 2012, electing for the City to retain the housing assets and housing functions previously performed by the Former Agency, as allowed by law, and thereby becoming the "Housing Successor." (j) HSC Section 34176(g) provides that the Housing Successor may designate the use of, and commit, the Remaining Housing Bond Proceeds; provided that such use or commitment of the Remaining Housing Bond Proceeds is consistent with the bond covenants. (k) HSC Section 34176(g) further provides that a designation of the use (or commitment) of the Remaining Housing Bond Proceeds must be listed on a Recognized Obligation Payment Schedule ('BOPS") and that the Housing Successor must provide ' notice to the Successor Agency regarding a designation of the use (or commitment) of the Remaining Housing Bond Proceeds before submitting the ROPS to the Oversight Board. (1) The Housing Successor is adopting this Resolution to designate the use of the Remaining Housing Bond Proceeds for projects to be engaged by the Housing Successor for the purpose of increasing, preserving and improving housing for low and moderate income persons (the "Housing Successor Projects") (m) HSC Section 34176(g) provides that the review by the Successor Agency, the Oversight Board and the State Department of Finance of the Housing Successor's designations and commitments of the Remaining Housing Bond Proceeds shall be limited to a determination that the designations and commitments are consistent with bond covenants and that there are sufficient funds available therefor. (n) The Housing Successor and the Successor Agency desire to enter into a Housing Bond Proceeds Funding Agreement (the "Proceeds Funding Agreement") in connection with the use of the Remaining Housing Bond Proceeds for the Housing Successor Projects. Section 2. Designation of Housing Bond Proceeds Use. The City, acting as the Housing Successor, hereby designates the use of the Remaining Housing Bond ' Proceeds for the Housing Successor Projects. The City Clerk is hereby authorized and directed to provide a copy of this Resolution to the Successor Agency files. Resos 17-54 2 ' Section 3. Approval of Agreement. The Proceeds Funding Agreement, in the form attached hereto as Attachment A, is hereby approved. The Mayor(or in the Mayor's absence, the Mayor Pro Tem) is hereby authorized to execute and deliver, for and in the name of the Successor Agency, the Proceeds Funding Agreement, in substantially such form, with changes therein as the Mayor (or the Mayor Pro Tem, as the case may be) may approve (such approval to be conclusively evidenced by the execution and delivery thereof). Section 4. Other Acts. The Mayor, the Mayor Pro Tem, the City Manager and all other officers of the City are hereby authorized, jointly and severally, to do all things, including the execution and delivery of documents and instruments, which they may deem necessary or proper to effectuate the purposes of this Resolution and the Proceeds Funding Agreement. The City Clerk is authorized to attest to the City officers' signatures to any such document or instrument. Section 5. Certification. The City Clerk shall certify to the adoption of this Resolution. PASSED, APPROVED, AND ADOPTED by the City Council of the City of Temecula this 5'" day of September, 2017. ' aryann Edwards, Mayor Al Randi o I, City Clerk [SEAL] Resos 17-54 3 ' STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) ss CITY OF TEMECULA ) I, Randi Johl, City Clerk of the City of Temecula, do hereby certify that the foregoing Resolution No. 17-54 was duly and regularly adopted by the City Council of the City of Temecula at a meeting thereof held on the 5'" day of September, 2017, by the following vote: AYES: 5 COUNCIL MEMBERS: Comerchero, Naggar, Rahn, Stewart, Edwards NOES: 0 COUNCIL MEMBERS: None ABSTAIN: 0 COUNCIL MEMBERS: None ABSENT: 0 COUNCIL MEMBERS: None Randi Johl, City Clerk Resos 17-54 4